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, david lee. back to the fiscal cliff. don't blame congress for this scramble, blame the media? ands can put them at increased risk for plaque buildup inheir arteries. so it's even more important to lower their cholesterol, and that's why, when diet and exercise alonaren't enough, i prescribe crestor. in a clinical trial versus lipitor, crestor got more high-risk patients' bad cholesterol . [ female announcer ] crestor is not right for everyone. like people with liver disease or women who are nursing, pregnant or may become pregnant. tell your doctor about other medicines yore taking. ll your doctoright away if you have muscle pain or weakness, feel unusually tired, have loss of appetite, upper belly pain, dark urine or yellowing of skin or eyes. these could be signs of rare but serious side effects. ♪ is your cholesterol at goal? talk to youdoctor about crestor. [ femalannouncer ] if you can't afford your medication, astrazeneca may be able to help. >> this is new york's times square with a million people on average watching the ball drop and people are getting ready for the tradition
huddy in for alisyn camerota. we're less than 48 hours away from the fiscal cliff. will congress and the white house be able to reach a deal before americans see a 500 billion dollar tax increase? >> and george h.w. bush's health taking a turn for the better. there's good news regarding the former president's healths. >> clayton: well put. >> juliet: well said. >> clayton: a frightening moment when an airplane broke in half crashing on to a busy highway, caught on camera. watch this. >> juliet: oh, how about that car? >> that's not something you see every day. >> no. >> "fox & friends" begins right now. ♪ >> hey, everybody. >> juliet: hi, everybody. >> dave: good sunday morning, juliet huddy in for ali. how are you doing, my friend. >> clayton: dave usually gets the coffee. and no coffee around this place. >> dave: i apologize. >> clayton: dave overslept and dropped the ball. >> dave: it happened with my iphone. i woke up an hour too late to my wife shaking me. >> juliet: i don't know what it is about this morning. i'm like in lala land. >> clayton: there is no snow. >> juliet
to get a compromise on the looming fiscal cliff . they call on congress to protect the middle class from a tax income hike. senator roy blunt stated in the gop response said it was the democratics inability to pass that got them to this point. >> dock workers in the bocks have reached an agreement. long shoremen extended for 30 more days. if they can't agree workers could go on a massive strike. >> another winter storm is dumping snoy on great lakes to the east coast. >> snowfall in the new england area is expected to be 4-8: and she's off. sadey the donkey is getting to know her new family. she broke free from her yard and on the lamb for days. sadey's owner who bought the donkey for his grand kids. decided to give her up for adoption because she was too much to happenedle and i believe she has a new family now. keep it right here. after the break. country star larry gatlin talks to us about the new year. ♪ ♪ ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. for their annual football tr
congress is close to striking an 11 the hour deal to keep our nation from plunging off the fiscal cliff but he says the two sides still have ground to cover and the time is running out. that one-two punch that will kick in, hours from now, on january 1, and if the president and congressional lawmakers cannot hash it out, the united states could fall into another recession. here is part of the framework for the agreement. the bush tax cuts would expire for incomes above $400,000 for individuals and $450,000 for families. unemployment benefits would continue for one year and the estate tax would go up. we have learned lawmakers are still working out the automatic spending cuts. president obama weighs in saying middle class families can not get caught in the middle. >> the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families can not afford it, businesses cannot afford it, our economy can not afford it. >>trace: traders on wall street are watching the president's comments. the chance of going over the
the final push in congress to try to avert the fiscal cliff. >> it's interesting. harry reid told us they are making progress in the talks. at this stage they don't have a deal. what you heard senator thune, republicans are saying if we give you more revenue what will you going to do with it? are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be a willingness and interest or frankly the courage to close the deal. >> reporter: as senate aide says it was designed to try to jumpstart the talks and consequences of getting a tax increase is a huge concern. >> gregg: what went awry in these talks? >> you heard senator thune. a fiscal cliff deal is a new way
their bottom line will suffer as the fiscal cliff looms and congress can't seem to compromise. the owner of an internet marketing company is concerned that the change in tax rates will hurt his ability to hire. he says the uncertainty is making him run his business defensively, making decisions based on business already coming in because he can't risk losing it all. >> knowing the rules has -- is -- is much more important than what the rules really are. because then you can actually say, okay, this is what we can do, this is what our margins are going to look like. this is what we are going to be able to plan on. >> reporter: economists say one of the effects of the fiscal cliff is that businesses are holding back on spending money, whether re-investing in stock, machinery and equipment or products they sell and for a slowly strengthening economy, the shock of less spending could be all it takes to push the country back into a recession. >> businesses are not require -- hiring workers because the small businesses say, we can't hire right now until we know what the tax system is going to
's call it the milk fiscal cliff if congress doesn't take action before new year's day. the price of jury could more than doubled because of a law enacted way back in the 1940s. a reporter is live with the details. dominic? reporter: no one is doing anything about this in washington yet. a gallon of milk could reach $8 if we go over what they are calling the milk cliff. a new farm bill could be approved in budget cuts here is what will happen if the deal doesn't get done. what they call permanent law, says the government has to buy huge stocks of milk at twice the price. farmers will flock to the government as they make easy money, that causes a shortage of milk in the commercial market, and the agriculture industry says the hold up is disastrous. >> this is a bad outcome. i don't think we should want, nor should we advocate for, nor should congress consider it a good outcome if permanent law goes into effect. reporter: the dairy industry says congress can wrap this up quickly, but if it doesn't, it looks like more than just the cows. >> things like wheat and corn. it wouldn't kick in unt
we see in congress on many issues including the fiscal cliff where they wait until the last minute and say there is not enough time to do real reforms that are necessary here. harris: they did take time away from the fiscal cliff to debate this 4 1/2 hours yesterday. >> that's true. harris: so there is that. dan, thanks very much. >> thanks for having me. jon: so as we count down to those year-end tax hikes and spending cuts that will affect the lives of virtually every single american, why one key republican lawmaker says his party is not even trying to solve the fiscal cliff crisis and why he thinks that may be a good thing. interesting take coming up. >>> plus, russian president vladmir putin, have you heard what he did? taking aim at americans who hope to adopt russian children. what's behind this controversial move? a live report next. jon: right now syria's opposition leader is rejecting an invitation for peace talks as the violence escalates. the country's ally, russia, is inviting the leader of syria's opposition to visit moskow for the first time but that offer turned down
of the fiscal cliff. he made this the focus of the weekly address. stiant leaders are working on a compromise bill fair and balanced debate with congressman for both studies of the aisle . another winter storm targeted the northeast. new jersey may see five inches of snow. we'll have the latest in a live report. former president george h. bush is showingly signs of improvement. let 88 year old former president is in icu in methodist hospital in houston. we are live in houston . will honor the man who led president bush's charge in iraq. remembering general swarkoph. >> and brain dead. warch warning that our children are losing creativity because they are pendent on the web. up inventor of the wind up radio. >> and google traded. it is a card catalog on the web. they don't think long-term blame the public schools and not geag emp- google. >> it is youth scrersus abuse. they can use it for a social media instead of what it is intended to. to get your intelligence a lot quicker. >> carroll, you are worried. you think the kids are brain dead. >> i know i am after using the internet and i probably
! >> oh, no! ♪ >> bret: two words you've likely heard too many times. "fiscal cliff." the country will officially go over it tonight. congress will miss a midnight deadline. so what now? will washington prevent significant economic fall-out come wednesday? this is "special report." ♪ ♪ good evening. i'm bret baier. when the giant crystal ball makes the last move in times square tonight, 2013 will officially be here. and so will the deadline. for a deal here in washington. politicians self-imposed fiscal cliff. the effort to make the consequences so unattractive for missing that, that both sides would have to come to agreement. at this hour, there is no legislation to vote on yet. there is every indication officially it's over that cliff we go. some things are settled. others are still in flux. that is where it starts to get technical. so let's bring in fox team coverage to straighten it out. chief white house correspondent ed henry looks at messaging and movement from president obama today. first, chief congressional correspondent mike emanuel on what seems to have been settle
part of the fiscal cliff, but because congress didn't pass a farm bill this year, you have these bizarre 1949 price supports that would go back into effect unless congress can fix that. if they don't, the price you pay at the grocery store is going to skyrocket. maybe several dollars a gallon. so because of that, congress wants to make a milk fix part of any part of fiscal cliff fix if they can do one or the other before the year ends. back to you guys. >> juliet: listening to them, what senator reid says about boehner and boehner's response. they sound like they're real housewives of dc or something. >> eric: they're nowhere near a deal. i think i have this figured out. president obama came back from hits vacation saying let's see if we can get something together, knowing very well that they can't. the house and senate are so far apart, neither one will even entertain the idea -- >> juliet: so why have a meeting? >> eric: you look like you're trying o do the right thing. these bush tax cuts will expire december 31, 72 hours from now, whatever the number is. if president ob
you offered over one trillion and agreement with congress and avert the fiscal cliff. you are silent on the specifics. wrestling with the national's crisis help us to have a concrete plan and legislative language with you. >> it was interesting, very wide raging . there were not opportunities and he didn't get specifics when he talked about all of the things he's offered. at one point i offered so many changes and entitlements? i askscatched my head and wondered what changes and entitlements. he said the democrats arangry at me. i said what are the specifics. that was a interesting level. >> dave: he put in the corner and said only thing they care about is creating tax cuts for the wettley. demonize the opponent while you sate sit down. that works out it infuriate your opponent. the president's main goal is to raise taxings. put out legislation and put out a bill and vote on it >> the senate reconvenes at 11:00 today. we could hear from mitch mcconnel and harry reid. because no deal to avoid a fiscal cliff there is major uncertainty . investors are embracing for trading. dow plunge w
and optimistic. will congress pass something in the next 48 hours, something to avoid the fiscal cliff? >> i don't know. but i guess probably. and it will be a bad deal but i suppose better than doing nothing. amazing every working american's taxes will go up on january 1. they are doing nothing about the payroll tax which is a big increase, 2%. and we will have totally irresponsible defense cuts. everybody agrees this is probably bad policy to have middle class americans taxes go up and this is what congress thinks is a good deal. >> chris: i'm not sure they think it is a good deal but a deal that avoids the worst of the fiscal cliff. senator bayh, obviously we don't know what is your sense? no filibuster in the senate. you heard what lindsey graham said and do republicans pass whatever it is that the senate agrees to? >> i think the odds are some what better than 50/50, chris, that we get a minimal deal in the senate. not one that solves our debt problem as you pointed out earlier and this is all just a prequel to going over this again around the first of march over the debt ceiling. the real
to head back to washington and jump-start the fiscal cliff negotiations with congress. talks fell apart before christmas. the deadline now is just days away and there is no deal in sight to avoid the tax hikes and spending cuts set to go into effect january 1st. our juan williams is a fox news political analyst and he joins us today and very quickly, juan, merry christmas to you. >> merry christmas, kelly. kelly: this is daunting task facing congress to avert the so-called fiscal cliff that will set into motion more than $600 billion in drastic and draconian allic tax hikes and spending cuts. that will cause a lot of pain for all americans and does congress have enough time to act on this? >> they do. you know it will be very close and it may in fact go beyond the deadline per se although people are thinking at the moment it is possible to get something done by the end of this week. the key here, kelly, is the senate. we have been so focused on the house, speaker boehner, plan. about, plan b falling apart. now speaker boehner is pointing towards the senate and the white house is pointin
on a fiscal cliff? >> i've got three 7th graders back home, we've got triplets and congress is pretty much like having three teenagers in the house, leave everything to the last minute. keep in mind we've known about this for at least 18 months and probably two years and the argument could be made we know it's been coming for ten years and i've seen the president and him saying that rational arguments and i wish he'd listen to his own speeches, he's in a powerful leadership position. the president for goodness's sake, and his party is leading the senate. and if you wanted to highered could be part of a negotiation, if he's not that means the president has refused to engage and i think those actions speak much louder than words. >> harris: talking about your family and i've visited your website, your children are beautiful and a dad, if you're part of the mix there, tell your teenagers to answer up, would you? . thanks for joining us, sir. >> thank you, happy new year. >> harris: we've been watching the latest from capitol hill and we'll bring you the latest. you heard me delivering bad new
says tonight there is still time to get a deal done before we fall off the fiscal cliff. and he demanded congress take action now before it's too late. the president spoke in the white house briefing room just about an hour ago now. he was visibly tense. frustration in his voice. >> america wonders why it is in this town for some reason you can't get stuff done in an organized timetable. why everything always has to wait until the last minute. well, we are now at the last minute. and the american people are not going to have any patience for a politically self-inflicted wound to our economy. >> harris: if congress cannot work out a deal, tax hikes, spending cuts will take effect on tuesday of next week. president obama says he is willing to give congress a little time to come up with a compromise but his patience is limited well as is the rest of the country's. ed henry with the news live at the white house. ed, first, a dramatic meeting earlier today at the white house. and then this ultimatum from the president. >> that's right, harris. it was a dramatic exchange. what i'm tol
's put the economy over politics here. >> because the whole fiscal cliff which is a manufactured cliff essentially by both houses of congress happened because they tried to do that last year and said let's give ourselves another arbitrary deadline. you know six months from now we will be right back where we started from. that is the problem. >> laura: we are are almost out of time. but the democratic senate refuses to pass a budget. won't do it. can't do it. the president couldn't get a sing the vote for his own budget. the idea he is going to rush in from vacation and be the caped crusader rescuing us all from fiscal doom is absurd. a razzle dazzle spin move. even matt damon is giving up. >> that is just -- that is the most depress end to a segment i have h heard in my life. >> laura: we are out of time, guys. my goodness. someone has to lead at some point. >> i have my crash helmet on. we are going over the cliff. >> laura: next, a civil war among republicans in congress. will speaker benito survive the revolt? and later, president obama in the next four years. what will his second t
was 75 years old. harris: new information now on the so-called fiscal cliff. if congress and the president can not find a solution most americans will see thousands of additional dollars taken out of their paychecks next year and on top of that you will be paying even more at the grocery store. for example, no compromise means milk subsidies will end. and the cost for a gallon of milk could double. dominic di-natale has latest details from los angeles. so, dominic, has the fiscal cliff crisis gotten so bad that even the price of milk is being affected? >> reporter: certainly is, harris. can you imagine milk hitting six to eight bucks a gallon? we're heading toward that because a new farm bill stalled in congress. under a archaic 1947 law, unless the new bill is passed by december 31st, the government will be forced to buy vast quantities of milk at twice the wholesale rate. two bills are in congress. the senate passed one for $23 billion in savings. the house is looking to enact 35 billion. the sticking point the full house of representatives hasn't approved the bill. >>
there struggling and certainly they deserve a congress that will avoid going over the fiscal cliff, which is why the president has been working hard to bring leaders together. >> we can't continue to kick the can down the road with half measures. i think the market will respond in a permanent and negative way to our inaction. >> the chairman of the senate finance committee says it comes down to this meeting adding i wish them luck. it would be a great new year's present for the country. ed henry, how pivot the is the meeting? >> we're on the verge of the biggest tax increase since world war ii. that's how big it is. everybody watching this, if we go off the cliff, everyone's taxes go up january 1st. the bottom line is senator backus says with the deadline, the pressure is red hot on all sides. republicans are trying to say the pressure is on the president. >> we need two words, presidential leadership on not just taxing rich people, we could tax all the rich people and cut their heads off and it wouldn't help the medicare fiscal cliff. we need both. i'm ready to work with him and so are a lot of
of averting the fiscal cliff will take serious late night legislative wrangling. good morning. i'm eric shawn. i'm heather childers in for jamie colby. without a deal the countdown to 2013 also a countdown to smaller pay checks for nearly all americans as the fiscal cliff tax hikes are set to take a bigger bite and the military facing serious cutbacks along with other federal programs that millions of americans count on. >> ed henry live at the white house with the latest on the negotiations. ed, we are really getting down to the wire. what did the president say this morning and will that make a difference? >> good morning, eric. part of what he was doing was putting the onus on republicans. this s his first sunday mornig appearance since 2009. on meet the press. now, pushing a deal on the fiscal cliff. as you noted on capitol hill is where all of the action is right now. the president when he bought the leaders here on friday said they have to try to work something out over the next couple of days and said on "meet the press" his position was either there is a deal or he wants the senate to
to congress. >> reporter: republicans have had several chances to pass a deal to avoid the fiscal cliff, but they did not do so. the president seems cautiously optimistic something will happen. the president adds that -- adding that he asked the senate to come up with a deal, but that if they do not, he says he wants them to vote to extending the bush tax cuts for the middle class. positive news, concerning former president george h.w. bush. his office released a statement saying he has been moved out of the intensive care unit and into a regular patient room at methodist hospital. he was admit to the the hospital, the day after thanksgiving with bronchitis. three people are dead after a small plane crash in california. investigators say a 63-year-old man, his wife and daughter were flying from san diego to phoenix when the crash happened. the cause is under investigation. final preparations are underway for the big new year's eve celebrations in times square. organizers have tested the confet tow make sure it floats. thousands of people from around the world wrote wishes on the confety
year before congress finally fixes this fiscal cliff problem. gregg: molly henneberg. these cuts were never expected to be enacted, were they? >> reporter: right, during the budget battle of 2011, remember that super committee they were trying to find sending cuts during that time. these spending cuts were put in as an unthinkable trigger to force lawmakers to find a which too cut spending. >> they make it particularly unplatte hratable, they wanted it to come out of the budget. they thought it was too harsh, the secretary of defense said it would hollow out the military. we face the possibility now that it will hop. >> reporter: the only way to aeu sroeutd cutto avoid these cuts implemented is for the congress to act before the new year. gregg: i want to know whose idea it was. it came from the white house according to bob woodward "the pricef politics" the proposal was presented on behalf of the president. it's interesting that now he is struggling to try to deal with his own proposal. >> reporter: and time is running short. patti ann: new york city police are looking for a woman wh
. economists already warning the fiscal cliff situation could cause another recession. now we're about to hit the nation's debt ceiling. secretary geithner in a letter to congress did go ton say, quote, he would take extraordinary measures and say these extraordinary measures can create approximately $200 billion in head room under the debt limit. under normal circumstances the amount of head room would last approximately two months. however, given the significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013, it's not possible to predict the measure. because of the uncertainty of the fiscal cliff they don't know whether they have enough head room to make sure the nation's debt ceiling doesn't reach limit within two months. the bottom line is even if we deal with the fiscal cliff in the next few days and avert that. there is another crisis with the debt ceiling looming in under two months, harris. big deal. >> harris: i know we have been talking about the weather. this too is is a perfect storm. ed henry, thank you. first time we are hearing. caught
of congress, if we go off the fiscal cliff and then go to all these shenanigans to patch something together. >> ken walsh, chief white house correspondent dante for u.s. news and world report. >> thank you. >> one year since a tragic christmas fire that captured the nation's attention. now, a shattered mother is speaking about the fire that killed her mother, her father and three daughters. her story, one year later, is next. [ male announcer ] this is sheldo whose long day setting up the news starts with arthritis pain and a choice. take tylenol or take aleve, the #1 recommended pain reliever by orthopedic doctors. back to the news. till you finish your vegetables. [ clock ticking ] [ male announcer ] there's a better way... v8 v-fusion. vegetable nutrition they need, fruit taste they love. could've had a v8. or...try kids boxes! one police officer who survived the apparent shooting ambush in upstate new york wishes he could have done more to help the volunteer firefighters who ultimately died. it happened christmas eve. police say a gunman apparently set a fire as a trap to lure first res
with the president and key congressional leaders. >> thank you. if the fiscal cliff can be avoided there is another gigantic hurdle awaiting the lawmakers. >> they will hit the credit limit of $16.4 trillion on december 31. the nation thereafter can't pay the bills unless congress raises the limit. >> with a new congress in january we need to revisit an finally give ourselves the determination to solve not only our short-term debt but the long-term debt. >> they raised the debt limit 11 times in a decade. most recently in august 2011 after a bruising political fight. democrats accuse republicans of using the debt limit as political "leverage" to press for spending cuts. a point they tried to make with a jarring comparison. >> this is somewhat to taking your child hos tam and saying i'll shoot my child if you don't do what i want done. you don't want to shoot your child. no leader wants to default on the debt. >> they said there is breathing room and the treasury department will take extraordinary measures authorized by law. that will create head room under the debt limit. under normal circumstances
and avoid that fiscal cliff. so what is starbuck's plan and what do customers think about it? nick hit the ground in washington to find out. >> greta, as the clock runs out on the looming fiscal cliff, one would think the last thing you want to add to the folks up on capitol hill is another cup of caffeine to their already anxiety-ridden nerves. but that hasn't stopped starbucks from brewing up a cup campaign to get our leaders to come together literally. at all of the starbucks stores here in washington like this one in the shadow of the capital, they are scribbling that phrase come together on every cup. a message directed solely at congress and president obama. >> i hope they take notice of it and it hits home with them that something needs to be happening. >> i don't know if it will work, but it's a great idea. >> at least do something, right? >> absolutely. get off their rear ends and do something. >> looks like they have written something on their cup there. >> it was hidden tore a second. yeah. it's there. >> do you think it's smart? >> i think it's good from the corporate world
they do something or not the next day after the fiscal cliff there is going to be a bill in congress to lower tax rates after all the tax rates expire below $250,000. maybe at this point it looks like the big win that the republicans might get, if you want to call it that, is extending that slightly upwards to $400,000 or $500,000. this is bare bones deal. we're not solving our fiscal approximate and not discussing it. this is going to be fought another day, perhaps in a month with the debt ceiling. >> gregg: "wall street journal" probably had in an op-ed today the best line of the week. we'll put it up on the screen. the fiscal cliff melodrama is bad cabling reality show, real housewives of new jersey without the seven siartd without though not without the plastic surgery. they are phony and the "wall street journal" is basically arguing here the politicians are just like them. they are actors, pretending to do something meaningful about crisis of their own creation and none of them seems terribly sincere about doing something fundamental in $16.4 trillion. fair point? >> but the re
one week left before the country goes over the fiscal cliff. your taxes will soar if congress and the president can't reach a deal. so steve is live for us in washington with the very latest. all right, good morning to you, steve. >> good morning, gretchen. yeah, the house as you know, tried and failed to pass some kind of a compromise on that fiscal cliff. now the spotlight falls on the u.s. senate. some kind of deal could have a better chance there because the senate is not as bitterly divided as the house. success depends partly on whether mitch mcconnell decides to filibuster any legislation. there is senate republicans who are willing to compromise in order to avoid the fiscal cliff. including kay bailey hutchison of texas and johnny isakson of georgia. >> time is running out. and the truth of the matter is, if we do fall off the cliff after the president's maturitied, he'll come back, propose just what he proposed yesterday in leaving washington and we'll end up adopting it. why should we put the markets mn such turmoil and the people in misunderstanding or lack of confi
coming back into session on thursday. so, perhaps, we will see some movement on the fiscal cliff issue. and when and if that happens, we will be here to report it for you. that's going to do it for this christmas edition of "special report." we really approach you watching. we hope you have a wonderful end to your holiday. we will see you right back here tomorrow. we with a special message from the anchor of this show and his family. >> bret: thanks, doug. merry christmas. it's been a tradition for me to bring my family on and from my family to yours merry christmas and happy new years. here we are again. this is my wife amy. my son paul. and my other son daniel. so here we are. >> we wish you a merry christmas and ha happy, healthy new year. >> paul, if i asked you what the people do in the dome behind me, what would you say? >> nothing. >> nothing? >> that's pretty
, if there's a fiscal cliff deal, there will be a new senator voting. >> that's right. sworn in a new minutes ago. i made reference to vice president joe biden, here to swear in the new senator representing hawaii, brian shatz. only the circus senator -- sixth senator to represent hawaii. he's a democrat. it will be interesting to see exactly how he weighs in at some point over the fiscal cliff mess in the final days of 2012. >> mike, thank you. on top of those fiscal cliff concerns, the treasury secretary, timothy geithner, warns we're set to hit the debt ceiling new year's eve, the max amount we're allowed to spend. the current limit is $16.4 trillion. he says the obama administration will work to make sure the u.s. does not default on loans right away but the debate will be another drag on the economy. with us, the chief business correspondent for u.s. news and world report, rick newman, and author of rebounders, how winners pivot from setback to success. talk about the debt ceiling for us, first of all, welcome. talk about the debt ceiling and how it affects us. we here horror scenarios a
, ironically it's the opposite. the whole point of the fiscal cliff is when the fiscal cliff is cleared and we jump over it, we are getting rid of all the accounting game mix, the temporary stings of things that allow congress to pretend it's being fiscally responsible when it's not. what's going to happen? a lot of taxes will go up but taxes will go up on everybody, not injure the guy around the tree that's paying for everything but everyone will have to pay. and then folks will realize the government we are voting for costs us money too. >> that's the thing. if we don't go over the cliff and they don't reach a compromise, what will happen? they can't afford to keep spending like this. won't spending have to go down by virtue after compromise not being reached? spending will go down a little bit because of the sequester and 9 defense spending, what you talked about on the show quite a bit. a big chunk comes from tax increases. little the end of the unemployment benefits of that been going on for a while, the payroll tax holiday and the alternative minimum tax which is going to grab more and m
the job done . here's what we are facing. we are teetering on the edge of the fiscal cliff. there are many members in congress who disaagree raising of tax. the president had gone up to $400,000 when house speaker boehner would raise the tax hikes . but the sticking point is enments and spending. >> clayton: the republicans saying that the president and democrats not forth coming enough on entitlements. here's what will unfold in a few short days as we break this down to you. >> put your seat belts on, people. >> clayton: tax rates will hit these numbers and you go up to 120,000 . you will see 31 percent up to 36 percent . in these tax rates as they climb up. >> here's the bottom line. average tax rate of 2,000 to $4000. it is an additional 13,944 . millionaire's status which the president wanted to raise status on will be 34635. big deep in your pockets if woo go off the fiscal cliff. >> it is so crazy . we have the holiday get together. living in new york city . it is so expensive and you are making $250,000. you are middle class here. >> clayton: if you have a family of four and taxes a
the fiscal cliff. they are going to be over 30 million people in taxes unless they do something called the amt patch. it is something where last year in 2011 they gave approximately 75,000 as an exemption but the law goes back to 45,000 dollars. all of these people what the ir is saying refunds will be delayed two months if the irs -- if congress doesn't act to change it. >> they are going to have to do something about it. i can't begin to think about how dpift it is to determine what your taxes might be verses next year when we don't even know all of the regulations yet. prepay your mortgage for january and pay it now before the end of the year. >> if you pay the january mortgage, you can prepay these mortgages this year pay it so it gets on the form>> increase your charitable deductions in 2012. if you want to reduce the entry for charitable deductions if you doesn't know who to give them to go to the charitable gift fund and do something like that. >> accelerate business expenses tax deductible this year. >> prepay rent prepay other expenses you have around there the retirement plan
heading back to washington tonight to restart the negotiations on the so-called fiscal cliff. if mr. obama and congress can not agree on a stopgap measure, automatic hikes and spending cuts will hit americans jan 1. peter doocy live in washington with more on this peter, what is the latest? >> reporter: gregg, the president said on friday he would see it this week and maybe if lawmakers went back to home districts to drink eggnog and eat cookies and sing christmas carols maybe they would be more in touch with the hardship so many americans are going to face if the fiscal cliff is not avoided. >> there is a mismatch right now between how everybody else is thinking about these problems. democrats and republicans, outside of this town and how folks are operating here and we've just got to get that aligned. >> reporter: the president's wife and daughters are going to stay in hawaii to continue vacationing. we're told the president may rejoin them or he may not. it all depends on how negotiations progress in the next few days. gregg: well, you know what, peter? there's not lost love between boe
the show for you so stay tuned. gregg: congress now on holiday break while the fiscal cliff deadline looms. by the way we just got an urgent bulletin. peter barnes at the fox business network, that administration officials say the staff discussions are continuing even though the president's in hawaii. most everybody is vacated the capitol. but we're eight days away until the spending cuts and big tax hikes kick in for every american and at this moment the negotiations really do appear to be at a standstill notwithstanding talks. there are serious questions whether a compromise could be reached. lawmakerses warn no deal could plunge our economy into recession. here is senator joe lieberman. >> it's the first time i feel it is more likely we will go over the cliff than not and, if we allow that to happen it will be the most colossal, consequential act of congressional irresponsibility in a long time, maybe ever in american history because of the impact it will have on almost every american. gregg: marjorie clifton, former consultant to the obama campaign and principal of clifton consulting a
. they join us to shed light on this. what are we going to do about the fiscal cliff when it is looming so -- if they do something about it and get back to congress this week as they're supposed to do. do they have enough time to get it done? >> i don't know if they have enough time to get it done, if republicans in the house are not willing to make any substantive concessions. and that means that they need to listen to what american voters said in november and raise the tax rates on the top 2%. that is what everybody voted for and that's what we want. and so i think that republicans really are in a tough spot. speaker john boehner's plan, boguses a i like to call it, blew up in their faces. now they really are at a loss and we only have seven days and in order to avoid going off the cliff, they need to make substantive concessions. kelly: brad, my understanding is that the senate is going to be trying to do something now to actually get this job done. it will be a pared down or scaled down version what they really want but can they do it? will the house even agree to it? >> well, kelly in
. >> the looming fiscal cliff is forcing president obama to cut short his christmas vacation. >> president obama is cutting short his christmas vacation. he is leaving hawaii tonight so that he can be back in washington when congress reconvenes tomorrow. >> laura: so we should believe that by leaving his island enclave that the president was making some big sacrifice for the country? i'm thinking washington, crossing the delaware on a bitter christmas night 1776 before going on to defeat the british in two major battles, that's sacrifice. i, for one, never understood how in good conscious any of these politicians would think about leaving town with so much riding on this cliff hanger? shouldn't they get their work done before they leave town for a break? that's what's expected for most working americans but then again washington politicians have rules of their own. people whose salaries that we pay are called public servants. meaning they verve us. not the other way around. we don't work to make their lives better. they are supposed to make ours better. the operative word here being work. so muc
by state lawmakers, participation would be entire tirely optional. patti ann: yet another fiscal cliff concern. the price of milk, if congress doesn't take action before new year's day the price could more than double. dominic di-natale is live in los angeles right now to explain for us. hi, dominic. >> reporter: hi, patti ann. milk could reach eight bucks a gallon. currently $3.65. a bill that covers billions of dollars in agricultural subsidies. if they don't do that government will have to buy up massive quantities of milk because of outdated 1949 law. they could sell their milk directly to the government first, would be obliged to pay twice the market rate. that would create a milk shortage and spike the prices consumers pay. the senate passed a farm bill. agricultural committee passed a similar bill. they are not identical. differences aren't so wide just that the full house of representatives hasn't approved the bill and it has come down to the wire, patti ann. >> the farm bill is low hanging ornament on the congressional christmas tree, if they just embrace it, they can automati
with the fiscal cliff. i'm looking now to congress and say, pass the amt patch today. >> gretchen: all right. we'll see if they're listening to marty, a cpa who is a little nutsoutrig to get everything done before year's end. >> thank you very much. >> gretchen: georgetown cup cakes secret ingredient this new year, champagne? we're showing you how it make the party even sweeter with sophie. yep, she's just one part of the team with our others and she's here hey! did you know that honey nut cheerios has oats that can help lower cholesterol? and it tastes good? sure does! wow. it's the honey, it makes it taste so... well, would you look at the time... what's the rush? be happy. be healthy. >> gretchen: welcome back. wicked weather like this wreaking havoc on airports across the country. what can travelers expect? wfxt's katherine is live at logan international airport with the latest op the travel nightmare out of boston. good morning. >> good morning, gretchen. the sun is shining on us here in boston. but flights already beginning to be affected by the storm. flights going to dallas, columbus and
is prepared to step in today if congress can't get something together to deal with the fiscal cliff deadline just 14 hours away from now. an update from 1600 pennsylvania avenue moments away. >> well, it will be somewhere between 8,000 to $12,000. so i'm not looking forward to that. >> is that more than you expected to go up january 1st. >> even a dollar's more than i can afford, yes. so not good news heather: thousands of first-responders are joining friends and family paying tribute to a hero firefighter gunned down in the line of duty. you're looking live at the scene. this is in webster, new york, where the funeral of getting underway. the 19-year-old volunteer was one of two firefighters shot and killed on christmas eve while responding to a fire set by gunman, william spengler. we well have much more on this coming up. we have potential breaking news. potential movement on the senate on the budget battle. brand new hour of america's news headquarters. i'm heather childers in for martha maccallum. gregg: i'm gregg jarrett in for bill hemmer. the number two in the republican senate sayin
at congress with distain and rightfully so. with the deadline on the fiscal cliff only hours away we've failed to reach a reasonable compromise to move the economy forward and ward off painful tax hikes on the middle class. >> reporter: so everybody is waiting to see if the senate can reach a deal on the fiscal cliff. it's not entirely clear when the house would act. i talked to a key leadership aide who he said if the senate passes a deal we could certainly signal that we will take it up perhaps tomorrow morning and that would keep everybody calm, but first things first, they need a deal, jon. jon: by my calculation they have less than 13 hours to accomplish that. mike emanuel, thank you. >> reporter: thank you, sir. jon: let's take a look at the dow with all this fiscal cliff nonsense going on. it's up, actually about 8 points right there as you can see. still down below 13,000, though, after heavy losses last week. very light trading also as you might imagine on this day before the market is closed for the new year's holiday. while congress cannot seem to agree on a fiscal cliff fix, it loo
. >> republicans are firing back about how the grand ol' party is handling fiscal cliff negotiations. why they say the president needs to stop the blame game and start leading. fair and balanced debates when we come back. questions? anyone have occasional constipation, diarrhea, gas, bloating? yeah. one phillips' colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. approved! [ female announcer ] live the regular life. phillips'. >>> our continuing conference of the fiscal cliff in this special edition of the fox report. the saying during an interview today it's the house republicans to blocked any potential deal by refusing to accept tax hikes on the wealthiest americans. house speaker john boehner said, quote, americans elected president obama to lead, not cast blame. the president's comments to be are ironic as a theme of our negotiations was his unwillingness to agree to anyone that requires him to stand up to his own party. brad blakeman, former deputy assistant to george w. bush, debby dingle from mish michigan to talk about us.
. with the deadline of the fiscal cliff only hours away. we failed to reach a reasonable compromise to move the economy forward and ward off painful tax hikes on the middle class. >> a lot of people feeling like in both the house and the senate this process could have been handled much better a long time ago with open hearings rather than having two people negotiate this deal at the last minute, trace. mike emanuel back to us on capitol hill. any updates as they come in. thank you. on this day in 1938, police tested the world's first
if the weather will delay flights into washington for the fiscal cliff discussion this weekend on capitol hill. we'll see whether they make it back to washington the members of congress. straight ahead, disturbing new intelligence tonight. there is new information about north korea and we have the pictures to back it up and you will see the photos for yourself. that's next. and also on a much lighter note, videos gone viral. it is impossible to escape the call me maybe phrase. go to greta wire .com and post your picks. coming up see if your favorite made our list. okay, here's the plan. you have a plan? first we're gonna check our bags for free, thanks to our explorer card. then, the united club. my motr was so wrong about you. next, we get priory boarding on our flight i booked with miles. all because of the card. and me. okay, what's the plan? plan? mm-hmm. we're on vacation. there is no plan. really? [ male announcer ] the united mileageplus explorer card. the mileage card with speci perks on united. get it and you're in. they don't help single moms. hi! hi! [ sarah ] what happened to our h
from going over the so-called fiscal cliff. they say if president obama and congress don't make a deal we will almost certainly see a recession. do you buy that, steven? >> the congressional budget office is a nonpartisan group that does this and says we will in fact have an immediate rescission. they say that we come out of a short, sharp recession stronger than we would be if we didn't go into that recession in the first place. we stop borrowing money from the future to prop us up now. we have the immediate problems but in the long term we are in gets shape. that's what they are grappling this. how do they best structure this to do the least amount of damage now but get us to the good economy in the future. >> reporter: if you look up a research paper from the president's own economist you'll find in the long run we are healthier, short run, yeah, it's painful. is that what motivates some of the republicans that, you know, what are called chuckle heads, but maybe in the end they are wisdom heads. >> that is certainly part of the motivation there. the other part of the motivation, and
the fiscal cliff. let the tax cut expire. come back in, offer the tax cuts for people under 250. call them obama cuts and get it going. if you are in congress. you make $175,000 a year. you get vacation days off. they go back and smoke cigars, eat steak, drink wine and laugh. >> andrea: is there something wrong with eating and drinking? if with pay them to do it. >> eric: they want to hit the buffet line. >> andrea: do it on their own time. not when the country is in a financial crisis. i think obama gets a superhero cape after this. >> andrea: people say republican goes down either way on this. but the house and the senate, this last election by blaming republicans. does he think he will get blamed for this? no. he figures i can do whatever i want. leave the republicans out for dead. >> eric: he is winning the messaging game. that is clear. >> andrea: i say that with confidence. he was able to say look, i was willing to meet them halfway. more than 50%. they don't want to work with us together. he is coming off strong, coming off the supporters, sticking to his position that he pledged to
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